Blockchain – this term has been making its round for the past couple of years. If you’ve heard about bitcoins then you definitely have heard about this concept.
Simply put, it’s a chained network of cyber blocks that stores data more securely than any previous methods online.
A detailed explanation of blockchain defines it as a type of distributed ledger that can’t be accessed or altered once created. Instead of one database, blockchain spreads between multiple people. It effectively makes it a trustworthy and unhackable location to store your interoperable data.
Technology keeps on changing occasionally along with different applications and process integrations. Let’s see what the trending usages of this technology in the near future are.
Blockchain + IoT
Leveraging blockchain for IoT data offers new ways to automate business processes among business partners without setting up a complex and expensive centralized IT infrastructure.
Blockchain’s data protection fosters a strong working relationship with your partners. It also provides great efficiency in information sharing. It reduces costs by removing overhead associated with middlemen and intermediaries.
Another advantage of using blockchain with IoT is that it accelerates transactions, reducing settlement time from days to near-instantaneous.
Blockchain + Smart Contracts
Smart contracts can be defined as computer programs stored in a blockchain system. It can automate the transfer of funds between users, as per the agreed-upon conditions.
Blockchain technology and smart contracts can offer increased transparency and safety, speeding up the process. Contracts can be assigned and substantiated in real-time, delivering real-time fast responses, as per the market changes.
Blockchain + Business
With a lot of data and processes that can be automated, blockchain applications in business are vast. Decentralized networks and smart contracts are already being applied in various industries. Implementation of scalable, efficient, immutable, and transparent enterprise products based on blockchain technology is seen in fields related to healthcare, finance, supply chain management, insurance, transport, media, government, and much more.
The advantage of this technology in business can simplify multiple processes, increase overall efficiency, reduce costs, and monitor the system securely.
Blockchain + AI
Blockchain and AI are two fields that are developing at a rapid pace. Data storage and assessment are the key factors that connect blockchain and Artificial Intelligence.
Data held in the blockchain is by nature highly secure, due to its inherent cryptography & ledger systems. Using blockchain technology, AI is capable of assessing large-scale stored data to deduce required results in an efficient way.
There you have it, our list of four blockchain trends that you can watch out for this year. This list is definitely not comprehensive as technological breakthroughs and advancements keep on happening daily.
Look out for such advancements and be the best at your business.